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Taking the Economy’s Measure: Old Favorites, Hidden Gems,

and New Products

J. Steven Landefeld, DirectorMarch 29th, 2014

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Old Favorites

▪ National Data: GDP Personal income and consumer spending

▪ International Data: Trade in goods and services (trade deficit) International transactions/balance of

payments (current account deficit)▪ Regional Data:

State personal income▪ Industry Data:

Travel and tourism

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Old Favorites: Drilling Down Below the Top Line

▪National: GDP = C+I+G+(X-M) with thousands

of underlying nominal, price and real series Supporting analytic tables, from

contributions to real GDP growth and market-based PCE prices to the Recovery and Affordable Care Acts

GDI, Personal Income, Saving and Investment, Final Sales, and Gross Domestic Purchases: Lots of underlying detail

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Old Favorites: Drilling Down Below the Top Line

International: 194 country detail, MNC’s and

offshoring, U.S. international assets and liabilities, and detailed Foreign Direct Investment data

Regional: Comprehensive and consistent data on

50 states, 381 metro areas, and over 3000 thousand counties.

Industry: Annual input-output and industry

accounts detailing linkages throughout the economy

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New tools

▪ i-tables Custom charts Multiple format downloads (xls, csv,

pdf)▪Custom regional maps

GDP, quarterly SPI, County Personal income

▪BEARFACTS Statistical fact sheet on states,

county and MSAs

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Understanding the March 2013 increase in consumer spending. Let’s

drill down…

From Personal Income & OutlaysPress Release…

*For ease of illustration, only largest contributing services categories and subcategories shown here.

From Table 2.4.6U*

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Digging deeper: Taxes

Total federal taxes as a share of GDP*

Personal income taxes as a share of Personal Income

*Includes personal payroll and income taxes, and corporate taxes

Avg: 17.8%

Avg: 11.9%

Source: BEA NIPA tables 1.1.5, 2.1 and 3.2

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Digging deeper: Government Spending

Source: BEA NIPA tables 1.1.5 and 3.2

* Includes current consumption expenditures, transfer payments to persons and rest of world, grants to state & local governments, interest payments and subsidies.

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Digging deeper: Using the Contributions Table to Measure the Direct Impact of

Recovery Act

Source: BEA NIPA table 1.2

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Digging deeper: Chinese imports

Import share of GDP, 2013Import share of

Gross Domestic Purchases, 2013

$455 billionor 2.7% of GDP

$455 billionor 2.6% of

Gross Domestic Purchases

U.S. GDP $16,797 billion U.S. Gross Domestic Purchases $17, 294 billion

Source: BEA Balance of Payments data & NIPA table 1.4.5

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Digging deeper: Who owns America?

Trillions of dollarsInternational Investment Position, 2012

2% of U.S. Net Worth

Source: BEA International Investment Position Statistics and Integrated Macroeconomic Accounts

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New Products

R&D and Intellectual Property Accrual-based Pensions Quarterly Integrated FRB-BEA Accounts,

International Investment Position Quarterly GDP by Industry Annual Integrated BLS-BEA Industry

Level Production Accounts Distribution of income and spending Real State Personal Income & Prototype

PCE by State Accelerated local area data      Economic Sustainability Indicators

 

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Examples of Newly Available: Inflation Adjusted Personal Income

by RPPsAverage annual growth, 2009-2011

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Prototype Quarterly GDP by Industry

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Prototype Quarterly GDP by Industry

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Prototype Quarterly GDP by Industry